Miami Luxury Homes See 11.5 Percent Price Increase in Q3

With an 115 increase year over year in the third quarter of 2014 luxury home prices in Miami ranked 7th out of 33 key global cities tracked in the Knight Frank Prime Global Cities Index  As should be expected within the past 6 and 3 months prices for luxury real estate in Miami saw a decline of 36 and 41 respectively  The third quarter which includes the months July through September is typically the slowest quarter for Miami real estate  This price trend should reverse itself over the next two quarters as the weather in other parts of the world becomes progressively colder  In my opinion all eyes should be on the figures for the first quarter of 2015 Q1 tends to be the best performing quarter for Miami luxury real estate and should provide an indication as to where prices may head  Any signs of weakness in Q1 could spell trouble for luxury home prices throughout 2015 and 2016